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The Biggest Short
THE BIGGEST SHORT Some reversals of financial trends prove so momentous they define the generation in which they occur. The stock market crash in 1929 kicked off the Great Depression, which ushered in the welfare and then the warfare state and redefined the relationship between government and citizens. Bonds and stocks began their bull market […]
Interest Rates Are Never Going Back to Normal
Interest Rates Are Never Going Back to Normal Grotesque Mutants BALTIMORE – Let’s see… U.S. corporate earnings have been going down for three quarters in a row. The median household income is lower than it was 10 years ago. And now JPMorgan Chase has increased its estimated risk of a recession to about one in […]
US Money Supply and Debt – Early Warning Signs Remain Operative
US Money Supply and Debt – Early Warning Signs Remain Operative Still Slowing Down Year-end distortions have begun to slowly come out of the data, and while broad true US money supply growth remains fairly brisk, it has begun to slow again relative to January’s y/y growth rate, to 7.8% from 8.32%. So far it […]
The Monetary Base, Buybacks and the Stock Market
The Monetary Base, Buybacks and the Stock Market A Useful Leading Indicator? We often see charts comparing the S&P 500 to the growth in the Federal Reserve’s balance sheet, or more specifically, to assets held by the Fed. There is undeniably a close correlation between the two, but it has struck us as not very […]
Draghobert the Terrible Strikes Again
Draghobert the Terrible Strikes Again A Whiff of Panic Ahead of Thursday’s ECB meeting, there was a widespread consensus that Europe’s chief printing press supervisor would make up for the alleged “mistake” of under-delivering on monetary lunacy last time around. Therefore, a sizable dose of fresh absurdities had to be expected, with only small disagreements on […]
Mr. MORE!
Mr. MORE! The Man with the Inflation Plan Proving beyond a shadow of doubt that Keynesian absurdity knows no bounds, Larry Summers has graced the FT – one of the West’s premier establishment propaganda mouthpieces advocating central economic planning as practiced by modern-day regulatory democracies – with yet another cringe-worthy editorial. Larry Summers – it […]
Alan Greenspan’s Pickled Economy
Alan Greenspan’s Pickled Economy Winter of Discontent Former Federal Reserve Chairman Alan Greenspan resurfaced this week. We couldn’t recall the last time we’d heard from him. But, alas, the old fellow’s in desolate despair. Unexpectedly rising from the crypt: Alan Greenspan Photo credit: AP On Tuesday, for instance, he told Bloomberg he hasn’t been optimistic for “quite […]
Always Watched, Always Monitored, Always Recorded
Always Watched, Always Monitored, Always Recorded Trade Slump BALTIMORE – When we left you yesterday, we were discussing the War on Cash – the push by governments to abolish physical currency. It is a fraud. The idea is not to fight crime or boost the economy, as its proponents claim. It is part of a bigger campaign by the […]
Day of Reckoning Imminent
Day of Reckoning Imminent Fudging Numbers It all seems so systematic, arranged, and orderly. Sixty seconds make a minute, 60 minutes make an hour, 24 hours make a day, and one day equals one complete rotation of the planet earth. Roughly every 30 days the moon orbits the earth – which is one month. Then […]
European Disunion
European Disunion Greece vs. Austria: Non-Friendly Acts Two days ago we came across a headline at Reuters, informing us that “Greece rages at neighbors as fears migrants could be halted”. Say what? What the hell is this supposed to mean? Is this even English? Possibly Reuters employs the same headline editor as Bloomberg….he or she is definitely […]
Australia’s Housing Bubble: In the Grip of Insanity
Australia’s Housing Bubble: In the Grip of Insanity Perverse Incentives We haven’t written about Australia’s residential real estate bubble for some time (readers may want to check out last year’s post “Australia’s Bubble Trouble”, which contains numerous relevant charts and data). Property auction in Sidney Our friend Jonathan Tepper of Variant Perception has recently visited […]
The Fatal Flaw That Has Doomed Our Economy
The Fatal Flaw That Has Doomed Our Economy What Went Wrong? BALTIMORE – We are searching for an insight. Each time we think we see it… like the shadow of a ghost in an old photo… it gets away from us. It concerns the real nature of our money system… and what’s wrong with it. […]
The World is Red
The World is Red With a Gloomy Start to 2016, a Bust Seems just Around the Corner Markets have corrected substantially since the beginning of the year as most of the gains of the past two years have been erased. According to Bloomberg, 40 out of the largest 63 markets have dropped over 20%. The image […]
“Stimulus Hopes” – a Dog that Ain’t Hunting no More
“Stimulus Hopes” – a Dog that Ain’t Hunting no More A Rebound in Stocks Begins Given that a very sharp downturn in so-called “risk assets” is well underway globally, but not yet fully confirmed by US big cap indexes, we are keeping an eye out for confirmation. This is to say, we are looking for events, market […]
Convenient Beliefs
Convenient Beliefs “Massive Deterioration” – Worse Than 2008 BALTMORE – “Stocks still not finding bottom” warned a headline at Investor’s Business Daily. On Thursday, the Dow ended down 255 points – or 1.6%. The index is down by almost 9% since the start of the year. “These developments, if they prove persistent, could weigh on the […]
